MPACT Contract Payment Methods

MPACT Contract Payment Methods. Any one of a variety of payment methods is available to an MPACT Contract Purchaser. These may include payment by coupon book, automatic deduction from a bank account (automatic clearinghouse checks), or payroll deduction. A Purchaser may change payment method after submitting a written request to the State Treasurer. Automatic payroll deduction may be provided for State employees. Any other employer desiring to establish automatic payroll deduction for MPACT Contract Purchasers may do so as long as the payroll deduction is administered in accordance with specifications provided by the State Treasurer. Contract Purchasers electing payment by coupon book will be responsible for making all payments on time, even if the Purchaser has not received a coupon book. Similarly, a Purchaser will be responsible for making all payments on time, prior to implementation of payroll deduction or automatic deduction from a checking or savings account. Any Purchaser who delays payment beyond the payment due date, until a coupon book has been issued or until payroll deduction or automatic bank deduction has been implemented, may be assessed late payment fees and an Actuarial Assessment.